180 Life Sciences announces 1-for-20 reverse stock split

180 Life Science announced that it will effect a one-for-20 reverse stock split of its common stock, $0.0001 par value per share , that will become effective on December 19, 2022 at 12:01 a.m. EST. The shares of the Company’s common stock are expected to begin trading on the NASDAQ Capital Market on a post-split basis on December 19, 2022. No change was made to the trading symbol for the Company’s shares of common stock or public warrants, "ATNF" and "ATNFW", respectively, in connection with the reverse split. The Company expects that the reverse stock split will allow the Company to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market. The new CUSIP number for the Common Stock following the reverse split will be 68236V203. At the Company’s special meeting of stockholders held on December 15, 2022, the Company’s stockholders approved the proposal to authorize the Company’s Board of Directors, in its sole and absolute discretion, to file a certificate of amendment to the Company’s articles of incorporation to, among other things, effect the reverse split at a ratio to be determined by the Board, ranging from one-for-four to one-for-20. On December 15, 2022, the Board approved the reverse split at a ratio of one-for-20 and the Amendment was filed with the Secretary of State of the State of Delaware, which became effective upon receipt by the Delaware Secretary of State, with the reverse to become effective at the date and time described above. The reverse split will effect all issued and outstanding shares of Common Stock. All outstanding options, warrants, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity incentive plans will also be appropriately adjusted. Following the reverse split, the par value of the Common Stock will remain unchanged at $0.0001 par value per share. The reverse split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the reverse split, and stockholders who would otherwise be entitled to receive a fractional share will instead receive one whole share of Common Stock in lieu of such fractional share. The reverse split will reduce the number of shares of Common Stock issued and outstanding from approximately 40.5 million to approximately 2.0 million.